The Practical Planner – "The Role of an Executor"

Date: September 16, 2025
Hosts: Thomas Kopelman, Anne Rhodes, Dave
Guest: Cody Garrett
Summary by: The Practical Planner Summarizer

Episode Overview

This episode dives deep into the mechanics and lived experience of serving as a financial power of attorney and an executor. Guest Cody Garrett, a seasoned financial advisor and educator, joins hosts Thomas Kopelman, Anne Rhodes, and Dave to offer first-hand insights and practical takeaways for advisors and their clients. The discussion moves beyond textbook definitions, emphasizing the real-world challenges, best practices, and the emotional dimension advisors should prepare for as they help clients navigate estate planning responsibilities.

Key Discussion Points & Insights

1. The True Nature of Estate Planning (02:32–05:45)

• Estate planning is more than "who gets what when I die." It’s also about "who does what"—including while the client is alive.
• Power of Attorney (POA) exists only while the person is alive; the document empowers the agent to act on the principal's behalf before incapacity or death.
• Most people underestimate the practical and emotional challenges of stepping into these roles, especially when they are thrust upon family members without warning or adequate preparation.

Notable Quote

"A lot of people assume that estate planning is who gets what when I die, where in reality, it's not just who gets what, but who does what, and not just when I die, but even while I'm alive."
— Cody Garrett [02:36]

2. Real-world Experiences as Financial POA (05:45–16:28)

• Cody's Story: Serving as financial POA for his grandmother during her terminal illness. He was selected for his financial expertise despite not being the oldest child.
• Immediate vs. Springing POA: Immediate POA enables the agent to act as soon as the document is signed, without waiting for proof of incapacity. This is valuable not only for incapacity but for availability (e.g., spouse traveling during home closing).
• Special vs. General Powers: Special instructions must be explicitly included and individually initialed for sensitive actions (like changing retirement account beneficiaries), due to abuse risks.
• Practical Tips: Don’t take these documents to the front desk at banks—make an appointment with someone responsible for account titling and estate administration.

Memorable Moment

"You never know when somebody is 'unavailable.' It's not just about capacity ... making it immediately effective can take care of some of those issues."
— Anne Rhodes [13:34]

Notable Quote

"If you don't want to name someone as power of attorney...only upon incapacity, why is that? Like, that's a little concerning as to why you don't want to name that person."
— Dave [14:14]

3. Executor Role—What Really Happens (16:55–32:05)

The Steps & Challenges

• Wills have no effect until they go through probate. A death certificate is needed (often takes weeks) before one can even apply to probate the will.
• Timeline: For Cody, it was three months post-death before he could act as executor; the estate took eight months in total to settle.
• Probate vs. Trusts: Trusts allow for immediate authority and privacy, skipping court involvement and potential administrative delays.
• Survivorship Provisions: Customizable provisions in a will can prevent unnecessary delays and complications during distribution, especially important in situations with closely timed deaths among beneficiaries or executors.

Notable Dialogue

• On the slug of probate:

  "You can't just immediately act ... It took about two weeks to receive the death certificate. The actual letters testamentary that gave me permission to start acting with her estate didn't come until two months after that."
  — Cody Garrett [16:55]

• On trusts vs. probate:

  "As a trustee, you can actually step in and start acting as soon as that person has lost capacity ... that trust actually has legal effect."
  — Anne Rhodes [19:16]

4. Complexities & Practical Lessons

• Survivorship Clauses (22:22–27:00): Long survivorship provisions can effectively delay estate settlement. Wording in the will can allow for earlier distributions to heirs.
• Multiple-Probate Problems: Without proper planning and survivorship language, families can be forced into serial probate processes if deaths happen in close succession.
• Trusts vs. Wills (28:07–28:54): While trusts avert court processes and administrative delays, they're only effective when drafted and fully funded in advance. Wills are still suitable for many, but the majority die intestate (without a will).

Notable Quote

"Will is better than not having a will ... but in a lot of states, trust is a lot better."
— Dave [28:57]

5. Emotional & Practical Challenges as Executor (29:18–32:05)

• Communication is critical. Set clear, realistic expectations—especially about timing and creditor notification periods. Even with harmonious families, misunderstanding and frustration are common.
• Professional Help is invaluable. Attorneys can save time, minimize errors, and clarify roles for all involved.

Memorable Moment

"I would never recommend somebody try to probate a will by themselves without the help of an estate attorney."
— Cody Garrett [30:58]

6. Advisor Action Steps & Takeaways (32:05–34:33)

• Simplicity and Clarity: The best gift for future executors and agents is to simplify and clarify one’s affairs during life. Avoid unnecessary complexity—especially in investments.
• Family Involvement: Include all relevant parties, including the "non-spreadsheet spouse," in discussions and planning. Prepare all potential agents and executors before emergencies arise.
• Consolidation Opportunities: Use POA to consolidate and simplify holdings before death if possible—streamlining post-death administration and tax planning.

Notable Quote

"Sometimes simplicity and clarity is actually what people want the most."
— Cody Garrett [33:20]

Important Timestamps

• 02:32 – Cody describes what estate planning truly covers and how POA fits in
• 05:45–11:00 – Real-life actions as financial POA; role of special powers and immediate vs. springing POA
• 13:34 – Anne’s personal POA story (home purchase for her husband)
• 16:55 – The timeline and delays after a death before an executor can act
• 19:16 – Why a trust often smooths transitions
• 22:22 – Survivorship and will drafting lessons
• 28:07 – Why trusts weren't used in Cody’s case, practical hurdles
• 29:18–31:42 – Toughest parts of being executor and advisor recommendation
• 32:26–34:33 – Key lesson for advisors: simplicity & clarity beat complexity

Notable Quotes & Attribution

• "My job, even as a financial planner, is really providing personalized education to help others make their own well-informed decisions."
  — Cody Garrett [00:38]

• "You never know when somebody is 'unavailable.' It's not just about capacity. They're just unavailable during life."
  — Anne Rhodes [13:34]

• "If you don't want to name someone as power of attorney—as a springing power of attorney only upon incapacity, why is that?"
  — Dave [14:14]

• "The will really has no power until you go through application to probate the will and issue those letters testamentary."
  — Cody Garrett [16:56]

• "One of the things I found people don't realize that's a little bit stickier is the survivorship provision ..."
  — Cody Garrett [22:22]

• "The executor not only needs to take on the role of distributing assets but really needs to set a good expectation for communication."
  — Cody Garrett [29:52]

• "Sometimes simplicity and clarity is actually what people want the most."
  — Cody Garrett [33:20]

Conclusion: Practical Takeaways for Advisors

• Encourage thorough, thoughtful appointments of powers of attorney and executors—consider ability, trust, and logistical factors, not just birth order or proximity.
• Push for highly detailed and explicit documents, especially with sensitive powers like beneficiary changes.
• Where possible, employ trusts to reduce burden on beneficiaries and expedite post-death administration, but recognize not every family will get there.
• Be proactive: Guide clients in simplifying and consolidating financial affairs before a health crisis, not after.
• Communication, empathy, and clear expectations are as essential as strong technical knowledge.